An American Perspective from China

Keynes vs. Hayek Rap Faceoff

If you’re looking for the lighter side of economics (is there one?), hip-hop over to YouTube and check out the hilarious rap video faceoff pitting John Maynard Keynes versus Friedrich Hayek over what causes booms and busts — and what to do about it. Director John Papola, who used to work at MTV, and Russ Roberts, an economics professor at George Mason University, have done a fantastic job conveying complex but incredibly relevant ideas in an entertaining way. It really is must-see. For anyone who has trouble following the lyrics, you can find them at the original site here.

While I have a lot of respect for Keynes as a thinker, the message of Hayek and the Austrian School — that ultimately, real wealth creation is what matters — has always resonated with me. But to give Keynes his due, I have to note that he was one of the few economists in history who made a fortune from market speculation. He had a shrewd grasp on what drives markets in the very short term.